The China Banking Regulatory Commission, the banking industry's national regulator, is aiming to bring its practices up to international standard within five years a leading official has said. Tang Shuangning, vice-chairman of the CBRC, said the move would help bring stability to China's banking sector. He said the CBRC would aim to meet the Core Principles for Effective Banking Supervision by the Basel Committee, which formulates industry criteria for the world's banking sector, by 2009. "Rivalry from foreign banks will increasingly intensify after 2006, and the trend of economic and financial globalization will further amplify the banking risk in China," state media quoted Tang as saying. "China's banking supervision is facing a more complicated situation."
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